CommBank Neo Business Interest-Free Card
This no interest card offers credit limits between $1,000 and $3,000, with a monthly fee you only have to pay when you use it.
The CommBank Neo Business gives you a way to pay for business spending with 0% interest, no late fees and a monthly fee between that’s based on your credit limit. This fee is $12 for a $1,000 credit limit, $18 for a $2,000 limit and $22 for a $3,000 limit.
If you don’t use the card and don’t owe anything, you won’t be charged the monthly fee. This account also has a $0 additional cardholder fee and integration with MYOB and Xero.
|Product Name||CommBank Neo Business interest-free card|
|Min credit limit||$1,000|
|Max credit limit||$3,000|
|Available to temporary residents||Yes - Conditions apply|
- Charges a monthly fee based on your selected credit limit
- $0 monthly fee if you don't carry a balance or make purchases
- No interest charges and no late payment fees
- Access to cashback offers through the Commonwealth Bank Awards program
- Maximum available credit limit of $3,000 is low compared to other business credit cards
- Unable to make cash advances
- You will not earn CommBank Awards points for your spending
- Does not offer any insurance cover
|Late payment fee||$0|
|Additional cardholder fee||$0|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
The CommBank Neo Business card is suited to smaller businesses that want a simple way to manage their spending, with a maximum $3,000 credit limit and one additional cardholder. Instead of charging interest, the CommBank Neo Business has a monthly account fee that only applies when you’re using the card or paying it off.
This structure could make it simple to forecast account costs without worrying about interest calculations. To put it in perspective, if you paid the monthly fee every month, your yearly cost would be $144 if you had a $1,000 credit limit, $216 if you had a $2,000 credit limit and $264 if you had a $3,000 credit limit.
Similar to other business credit cards and charge cards, the CommBank Neo Business offers spending controls and automatic data sharing options with MYOB and Xero. But compared to other cards, the credit limits are small and you can only add one additional cardholder, so make sure you look at what you need for your business when comparing this no interest card to other options.
How to apply
You can apply for the CommBank Neo Business card online in a few minutes. As this is a business account with personal liability, make sure you meet the following eligibility requirements and have all the documents and details you'll need on hand.
- Australian working status. You must legally have the right to work in Australia.
- Bankruptcy status. You must not currently be bankrupt.
- Age. You must be at least 18 years of age.
- Personal details. This includes your full name, date of birth, residential address, contact details and a valid form of ID, such as your driver's licence or passport. If you're on a visa, you'll also need to include documentation.
- Income details. You'll need to provide proof of income, such as recent payslips, your last Tax Assessment Notice or official documents from your accountant.
- Financial details. This covers any existing debts, as well as regular bills and payments.
- No interest. The CommBank Neo Business card has a 0% interest rate and charges a monthly fee instead.
- Data sharing with MYOB and Xero. You can link your CommBank Neo Business card to your account with MYOB and Xero so that transaction data is automatically added. This can help you save time on accounting tasks.
- $0 additional cardholder fee. If you want to share this account with a business partner or employee, you can get one additional card at no extra cost. Note that you'll be responsible for managing the account, including all payments.
- No late fees. If you miss the due date on a statement, you won't be charged a late payment fee. But keep in mind that it could affect your credit score and you'll need to make a payment as soon as you can.
- CommBank Rewards. This loyalty program gives you access to cashback offers, which you can access via the CommBank app.
- Control business spending. You can set a spending cap for this account to help you stick to your budget.
Rates & fees
- Monthly fee. This card has the following monthly fees, based on your credit limit:
- $1,000 credit limit: $12 monthly fee
- $2,000 credit limit: $18 monthly fee
- $3,000 credit limit: $22 monthly fee
If you don't use the card for a statement period and don't owe anything from the previous statement period, you won't have to pay the monthly fee.
- Cash advances. You can't use this card to make cash advances, as they are blocked when they're sent to CommBank for approval.